International law firm Stephenson Harwood (Singapore) Alliance, advised a subsidiary of BW Gas on an export credit agency backed US$216 million post-delivery financing. Credit Agricole Corporate and Investment Bank (“CA-CIB”) was the Agent, and was advised by Watson Farley & Williams (“WFW”). The financing was in relation to the state-of-the-art floating storage and regasification unit (“FSRU”) vessel, BW Singapore, which has storage capacity in excess of 170,000 cubic metres and a peak regasification capacity of 750 million standard cubic feet per day.
The FSRU is based in Ain Sokhna Port in Egypt and is currently employed by Egyptian Natural Gas Holding Company (“ENGHC”); it commenced operations in October 2015. ENGHC is a government entity with the sole mandate to issue natural gas exploration, drilling and production (upstream) as well as processing, transmission, liquefaction and distribution of natural gas in Egypt.
Gregg Johnston, head of the shipping and offshore finance team at Stephenson Harwood (Singapore) Alliance, commented:
"This financing is another good example of the importance of ECA support in the shipping and offshore space - we were delighted to assist BW Gas and to have a further opportunity to deepen our relationship with the wider BW Group".
The Stephenson Harwood (Singapore) Alliance team was led by Gregg Johnston, who was supported by associate Jeffrey Tanner.